Planning the Audit:

• First, figure out what the audit will cover. This means deciding which financial reports and departments will be checked.
• Look at the risks involved in how the university handles its finances.
• Set a timeline for the audit and decide how to use the available resources.

Gathering Evidence:

• Collect important financial papers and any other related information.
• Use some basic analysis to spot trends or unusual patterns in the financial reports.
• Talk to staff members to understand how they work and check their internal controls.

Testing Internal Controls:

• See how well the internal controls work to reduce risks.
• Run tests to make sure these controls are functioning as they should.
• Keep a record of any problems found, as they could lead to fraud or errors.

Substantive Testing:

• Conduct detailed checks on account balances and transactions to confirm they are correct.
• Make sure everything is complete by using methods like sampling or data analysis.
• Fix any differences, ensuring that all numbers match up with supporting documents.

Evaluating Audit Findings:

• Review the results of the tests to find any major mistakes.
• Talk about what you found with the financial team to make sure they understand.
• Think about how any issues found might affect the overall financial reports.

Reporting:

• Write up a complete audit report that explains what was found, the conclusions reached, and suggestions for improvement.
• Share the report with key people at the university, like the administration and governing boards.
• Make sure to outline what actions need to be taken to fix any problems found during the audit.

Continuous Improvement:

• Create a culture of regular checks and improvements for financial practices.
• Use the audit results to strengthen financial rules and ensure everything is compliant.